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IRS audits less than 1 percent of big partnerships

Apr 17, 2014

By STEPHEN OHLEMACHER, Associated Press

WASHINGTON (AP) — The Internal Revenue Service audits fewer than 1 percent of large business partnerships, according to a government report released Tuesday.

That means some of Wall Street's largest hedge funds and private equity firms are largely escaping ...

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Judge wants Detroit mayor to back bankruptcy plan

Apr 17, 2014

By ED WHITE, Associated Press

DETROIT (AP) — Looking years ahead, the judge overseeing Detroit's bankruptcy said Thursday he wants assurances from the mayor and other elected leaders that they'll follow a final plan that likely cuts pensions, sheds debt and plows millions into better services.

The ...

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US stock market ends higher as earnings pour in

Apr 17, 2014

By ALEX VEIGA, AP Business Writer

A batch of U.S. company earnings drove stocks mostly higher on Thursday.

The major stock indexes shifted between small gains and losses ahead of their scheduled close for Good Friday. The gains kept the indexes ahead for the week, though the remained down for the ...

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President defending health law good for some Dems

Apr 17, 2014

By CHARLES BABINGTON and RICARDO ALONSO-ZALDIVAR, Associated Press

WASHINGTON (AP) — President Barack Obama's full-throated defense of his health care overhaul seems perfectly timed for Democrats who want their party to embrace the law more enthusiastically.

At a White House news conference Thursday,

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Morgan Stanley's income rose 18 percent

Apr 17, 2014

NEW YORK (AP) — Investment bank Morgan Stanley said Thursday that its first-quarter income rose 18 percent from a year ago, helped by higher earnings in its trading and merger and acquisitions advisory businesses.

THE RESULTS: Morgan Stanley earned $1.39 billion, up from $1.18 billion in the same ...

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BNSF outlines fertilizer shipment plan to feds

Apr 17, 2014

By JAMES MacPHERSON, Associated Press

BISMARCK, N.D. (AP) — BNSF Railway Co. will add trains in the Dakotas, Minnesota and Montana solely for transporting fertilizer for spring crop planting, the railroad has told a federal oversight board.

"Simply put, we are working to deliver high volumes of ...

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GM 1Q global sales up 2 pct to 2.42M

Apr 17, 2014

DETROIT (AP) — General Motors says it sold 2.42 million cars and trucks in the first three months of the year, keeping it slightly ahead of Volkswagen in the global sales race.

The Detroit automaker says its sales grew 2 percent worldwide from January through March. The company was led by 13 ...

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Russian state media claim AP skews Putin coverage

Apr 17, 2014

MOSCOW (AP) — Kremlin-controlled television channels criticized The Associated Press' international television service for cutting into its live feed of President Vladimir Putin's nearly four-hour call-in show to send footage from other developing news stories, including the attempted raid on a ...

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Wal-Mart jumps into the money transfer biz, loudly

Apr 17, 2014

By ANNE D'INNOCENZIO, AP Retail Writer

NEW YORK (AP) — Wal-Mart is delving deeper into financial services at its stores and shaking up the money transfer business.

The world's largest retailer introduced a new money transfer service Thursday that it says will cut fees for its low-income customers by ...

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Judge won't order recalled GM cars to be parked

Apr 17, 2014

DETROIT (AP) — A Texas federal judge has denied an emergency motion that would have forced General Motors to tell owners of more than 2 million recalled cars to stop driving them until the ignition switches are replaced.

U.S. District Judge Nelva Gonzales Ramos issued her order Thursday in Corpus ...

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Facebook rolls out location-sharing feature

Apr 17, 2014

By BARBARA ORTUTAY, AP Technology Writer

NEW YORK (AP) — Facebook users in the U.S. will soon be able to see which of their friends are in close proximity using a new feature the company is launching on Thursday.

Called "Nearby Friends," the optional tool will only be available to people who choose ...

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2 ex-Anglo Irish Bank directors convicted of fraud

Apr 17, 2014

By SHAWN POGATCHNIK, Associated Press

DUBLIN (AP) — Two former executives of Anglo Irish Bank were found guilty Thursday of committing fraud in a loans-for-shares scandal — the first convictions to stem from a banking crisis that brought Ireland to the brink of national bankruptcy.

After an 11-week ...

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Italy again pushes back balanced budget goal

Apr 17, 2014

ROME (AP) — Italy has again pushed back its balanced-budget goal, now aiming for 2016.

Finance Minister Pier Carlo Padoan wrote to the European Commission this week, saying that because of Italy's stubborn economic crisis, it's now aiming for a balanced structural budget in 2016. In 2011,

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Bailed-out Cyprus to test bond market in June

Apr 17, 2014

NICOSIA, Cyprus (AP) — Bailed-out Cyprus says it will issue six-year government bonds every month starting in June as a first step to returning more permanently to international markets after a three-year absence.

Investor interest in European government debt has risen in recent months, reducing ...

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Tiny power plants hold promise for nuclear energy

Apr 17, 2014

By LORI HINNANT, Associated Press

PARIS (AP) — Small underground nuclear power plants that could be cheaper to build than their behemoth counterparts may herald the future for an energy industry under intense scrutiny since the Fukushima disaster, the incoming head of the Nuclear Energy Agency told ...

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UnitedHealth's 1Q profit tumbles 8 percent

Apr 17, 2014

By TOM MURPHY, AP Business Writer

UnitedHealth Group's first-quarter net income slid 8 percent as funding cuts to a key product and costs imposed by the health care overhaul dented the health insurer's performance.

The Minnetonka, Minn., company said Thursday the overhaul and government budget cuts ...

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Chipotle sales surge as it draws more customers

Apr 17, 2014

NEW YORK (AP) — Mexican food chain Chipotle reported a higher quarterly profit Thursday as more customers flocked to its restaurants for burritos, bowls and tacos.

The Denver-based chain's popularity has kept growing because people like that they can pick what toppings to put on their orders as ...

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Average US 30-year mortgage rate falls to 4.27 pct

Apr 17, 2014

WASHINGTON (AP) — Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins.

Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the ...

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Union Pacific railroad's 1Q profit up 14 percent

Apr 17, 2014

By JOSH FUNK, AP Business Writer

OMAHA, Neb. (AP) — The harsh winter didn't keep Union Pacific railroad from delivering 14 percent higher quarterly profit as it hauled more agricultural, industrial and coal shipments.

The Omaha, Neb., based railroad said Thursday that it generated $1.09 billion in ...

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Philip Morris Int'l 1Q profit falls nearly 12 pct

Apr 17, 2014

By MICHAEL FELBERBAUM, AP Tobacco Writer

RICHMOND, Va. (AP) — Philip Morris International's first-quarter profit dropped nearly 12 percent as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar.

While adjusted earnings topped ...

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